Can’t blame previous government: Yashwant Sinha

Filed under: India |

September 28, 2017

Former Finance Minister Yashwant Sinha stood by his criticism of the Narendra Modi government over the current state of the Indian economy.

Sinha, a former finance minister, hogged the limelight and started trending high on social media on Wednesday after he criticised his own government for sinking economy in an article.

“Before 2014, I was party (Bharatiya Janata Party) spokesperson when it came to economic affairs. We used to call then United Progressive Alliance government situation ‘Policy Paralysis’. This government is not paralysed as many decisions are being taken. But, there is confusion in the government that development can be done through welfare schemes, which is not right,” said the former finance minister.

He further added that for development, the non-performing asset of the banks should be cleared.

“Apart from everything else, the first and foremost goal of the government is to strengthen the banks, but we are awaiting actions in this regard,” Sinha said.

He said that for a long time the Indian economy was falling and everybody was concerned. “When the government didn’t act, then I thought I should take this issue in public domain.”

In the article, titled ‘I need to speak up now’ (external link), Yashwant Sinha on Wednesday took on the Centre over its poor economic record and said that demonetisation proved to be an “unmitigated economic disaster” and that the Goods and Services Tax was a “badly conceived and poorly implemented” havoc.

The former finance minister reiterated his charge that demonetisation and the implementation of the GST were badly timed.

“Demonetisation shouldn’t have been brought when the economy was weak, its effects were yet to subside and the GST served as a second big blow. I was a supporter of GST. But, the government was in a hurry to implement it from July 1. There was nothing special in July 1 as the April 1 is important in a financial year,” Sinha said, and added that now, the Goods and Service Tax Network (which is the backbone of the GST, is failing.

He said that there are no job opportunities in the country.

“Today, the people want jobs, but if you ask anyone you would get reply that there are no jobs,” Sinha said.(Agencies)

 

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